Trustees at financially troubled Chicago State University have voted to approve a separation agreement with President Thomas Calhoun Jr. that includes a $600,000 payment. The trustees voted 6-1 to accept Calhoun's resignation.
Calhoun was paid $300,000 a year. His contract included wording that Calhoun could be removed without cause and accept two years of salary to leave immediately. It wasn't immediately clear why Calhoun left the position. He and the school did not provide details.
The departure comes after a troubled year for the school. In February it declared a financial emergency and about 40% of its employees have been laid off since the beginning of the year.
